Are you looking for Dangote’s net worth? Read further to know more!
With his $12 billion fortune, Aliko Dangote is the richest person in the continent of Africa and the richest black person in the world. Dangote’s net worth in Naira is about 49,03,32,00,00,000.00.
You must wonder how rich is Dangote, right? Read further to know more!
How much is net worth of Dangote?
Aliko Dangote’s current net worth is $12 billion in 2021. It is equal to. 49,03,32,00,00,000.00 Nigerian Naira. He is one of the richest Nigerians in the world.
Touted as the secret weapon of Africa, Dangote has journeyed forward with his strong business acumen that has also helped the entrepreneur decide the fate of Nigeria in the global scene.
Dangote’s achievements are closely linked with the raising of Nigeria in particular and Africa in general and that is an important reason why the topic of Dangote’s wealth becomes an interesting subject to delve into.
How Much Is Net Worth Of Dangote
Dangote’s Net Worth Over the Last Decade
Experiencing a sharp spike in the two-year period from 2012 to 2014, Dangote’s net worth has receded over the subsequent years with slight ups and downs finally settling where it started a decade back.
The opening value of the graph is $ 11.2 B in 2012 and the closing value is $ 11.5 B in 2021.
How Dangote became the wealthiest African
- Some of the principal interests of Dangote’s business range over cement, sugar, oil and gas, consumer goods, manufacturing, freight and others.
- The major source of Dangote’s wealth is from Dangote Cement in which Dangote has about 85% stakes. With its presence in over 10 African nations, the subsidiary of the group manufactures about 45.6 million metric tons of cement in a year.
- Dangote owns the largest sugar refinery in Africa which is also the third-largest in the world.
- All his companies are publicly traded and together they make up a quarter of Nigeria’s stock exchange.
- Dangote Cement quarterly group profit was reported on November 6, 2020, by Reuters at US$720 million, an indication of the latest performance of the company.
Starting with manufacturing cement in Nigeria in 2007, Dangote Cement became Africa’s largest cement producer.
The conglomerate has its facilities in 10 African countries including Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia, with the total revenue through cement exceeding US$ 2.3 billion.
Notably, Dangote Cement is the largest firm found on the Nigerian Stock Exchange after the company listed its shares in 2010.
Dangote’s Entrepreneurial Voyage
Dangote’s birth took place in a prosperous Nigerian family that had accumulated a huge fortune through peanuts exports to Europe during the early 1900s.
Born on April 10, 1957, Dangote had entrepreneurship in his blood that saw him selling candy as a kid.
Dangote got his bachelor’s degree in business from Egypt’s Al-Azhar University and then launched The Dangote Group. Right from the beginning, the group traded cement.
The strong connections and reputation the family enjoyed with the government helped him get the license for the business easily.
The following decades saw him amass wealth and buy residential properties in many countries including the US.
Political interests of Dangote
Late 1990s saw Dangote back at home in Nigeria. This time, he took an active interest in the politics of his homeland and supported the People’s Democratic Party, which could win the election.
His powerful political connections helped him found the biggest cement factory of the world.
He could move the government to enact the policies in his firm’s favor and the resulting legislations saw the country restricting how much cement could be imported through the ports of Nigeria.
The subsequent climate saw Dangote Cements enjoying monopoly in the cements domain being the only firm allowed to operate in the country.
Dangote constructed a mine and an airstrip at an estimated spending of $1 billion and opened them for business in 2008. Dangote Cements operates in over 14 African countries today.
Dangote has been donating a significant portion of his wealth to Nigerian politics. He gave away US$ 2 million to support Olusegun Obasanjo’s re-election campaign in 2003. Backed by “Friend of Obasanjo and Atiku”, he contributed a sum of US $500,000 to the National Mosque.
Such contributions triggered widespread concerns in the media viewed as promoting corruptions and the intrusion of private industry leaders into the politics of the nation.
Businesses Portfolio of Dangote
Dangote today runs a range of businesses including a sugar refinery, freight, flour production unit and a salt mine.
Dangote Sugar refinery is the largest manufacturer of sugar in Nigeria accounting for supplying 70% of the sugar the country uses in its beverages and candies made in the country.
Dangote has a great control over the country’s export of commodities including cashews, ginger, cocoa, cotton, and sesame seeds.
Transforming Nigeria’s Oil Refinery Domain
Expanding his business into oil, he is building a $15 billion oil refining facility after taking $3 billion in loans from the banks in the country.
Dangote dreams of making Nigeria one of the most prominent players in oil production through this initiative that will produce 650,000 barrels of oil per day upon completion.
Though the nation is the largest oil producer in the continent, the country had been importing its oil and motor fuel requirements due to lack of advanced refineries.
Dangote’s initiatives will bring out the largest privately-owned refinery in Nigeria ably cutting down the country’s oil imports presently estimated at $7 billion.
Expansion Plans Underway
In the first quarter of 2020, Dangote Group signed up two independent deals to build a cement factory at an estimated cost of $60 million and a fertilizer factory to process phosphate into fertilizer that would cost the conglomerate US$2 billion.
These two deals will put the Nigerian enterprise in direct competition with Germany’s Heidelberg Cement, which operates three companies in the country besides Fortia Cement. Notably, Dangote Group is setting its foot in Togo for the first time through these ventures.
Rewriting the Fate of the Nation
Dangote has a tall vision for Nigeria. Dangote’s role in the face of the nation has been a game changer in educating his countrymen about the value of goods the country produces and the need to keep them in the country to raise the fortune of millions.
Aliko Dangote’s tall ambition for his country and a strong business acumen have helped raise the profile, fortune and image of the country in the global scene.
Nigerian Government and the many business associations of the country have piled up several awards and honors on Dangote for creating a lot of jobs in the country.
Dangote is a proud recipient of the Grand Commander of the Order of the Niger. Notably, this is the second-highest honour that any Nigerian can bag.
Dangote Group’s Performance
Dangote Group found its origin in 1977. In about three decades and a half, the group showed up $21 billion in revenue way back in 2013.
Turning the largest industrial conglomerate in the continent, Dangote Group has employed over 11,000 people across its different operations.
Dangote Group consists of a number of subsidiaries and multiple companies. Dangote Sugar Refinery has a capacity of producing 800,000 tons of sugar per year. Considerably large are the salt and flour mills of the group.
Dangote Group is the largest importer of fish, rice, cement, pasta and fertilizer in Nigeria. The commodities the group exports include cashew nuts, cotton, cocoa, and sesame seeds.
The group has invested in the domains of textiles, banking, oil and gas, transport, real estate and telecommunications. Over 80% of the revenue of the conglomerate ensues from cement production with the total capacity of 44 million metric tons of cement per year.
Works of Philanthropy
Dangote is seen actively participating in a number of philanthropic initiatives.
A major donor for public health-related topics and campaigns, some of the notable ones are giving away US$ 75,000) to fight ebola in 2014, and US$ 1,000,000 in March 2020 to fight the coronavirus pandemic in Nigeria.
Collaborating with the Bill and Melinda Gates Foundation, he has donated to target polio.
He is a member of the Clinton Health Access Initiative, Corporate Council on Africa, and the steering committee of the Global Education First Initiative formed under the auspices of the United Nations Secretary-General.
He founded Aliko Dangote Foundation in March 2014, which does a phenomenal job in the fields of economic empowerment, education and health. This is the largest privately-funded NGO in sub-Saharan Africa.
Key points from Dangote’s wealth building story
- Dangote was born in a wealthy family that was able to nurture his entrepreneurial dreams right from his early childhood.
- His family could ably fund his businesses during the early years eventually paving way for him to become an independent and self-styled entrepreneur.
- He made his wealth by importing, selling and exporting agricultural products and later entered into manufacturing of cement, sugar, oil and gas and consumer goods.
- Dangote used his wealth to influence politics and political decisions, turning them in his favour to expand and grow his business and enjoy a monopoly in the domains he entered.
- Dangote’s entrepreneurial activities helped change the fate of Nigeria boosting up its image in the global scene as a highly capable nation becoming self-dependent and self-sufficient.
- Holding the Dangote Group, the largest conglomerate in West Africa, it is most likely that he will remain the richest man of Africa for several more years to come.